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Will Axel Lehmann (64) and Ulrich Körner (60) sleep soundly at the weekend? The Annual General Meeting of Credit Suisse (CS) is scheduled for next Tuesday. The mood will be bad – many shareholders are angry that the takeover of CS by UBS at a price of CHF 0.76 per share was decided on their heads by the emergency law.
Therefore, it can be assumed that there will be many emotional requests to talk. Like last year, shareholders are likely to vote against the discharge of the Board of Directors. This is what the Swiss investment firm Ethos offers to its shareholders. Refusal of release enables the bank and shareholders to claim liability and compensation to those responsible for Credit Suisse’s demise.
Shareholder representatives in exchange for special bonuses
The “transformation bonus for management” agenda item is particularly sharp. CS bosses want to approve 70 million francs to achieve all targets by 2025. The special bonus was created by UBS prior to the takeover of CS and is now of course something to talk about.
Ethos director Vincent Kaufmann told 24heures.ch: “We will vote against the eviction and the special bonus of 70 million francs.” Corporate Shareholder Services (ISS), the largest proxy advisor in the US, is also against the special bonus.
“A vote against this point is justified, because the application now seems inappropriate given the announced takeover of the company,” the ISS writes in the voting recommendation submitted to the newspaper.
The words of ISS and Ethos carry weight. The American proxy advisor represents about 20 percent of the shareholders, while Ethos represents 3 to 5 percent.
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
